Regulatory Alerts2022-04-11 | 2022-07196Added · Updated
Staff Accounting Bulletin No. 121
The Securities and Exchange Commission issued Staff Accounting Bulletin No. 121 to provide interpretive guidance on the accounting for obligations to safeguard crypto-assets held for platform users. The bulletin requires entities to recognize a liability and a corresponding asset on their balance sheets, both measured at the fair value of the crypto-assets, to reflect the significant technological, legal, and regulatory risks involved. It further mandates specific disclosures regarding the nature of these obligations, fair value measurements, and associated risks in financial statements and other regulatory filings.
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